ETH could slip below the $1,000 level soon

The cryptocurrency market could end the week in the negative zone as the leading cryptocurrencies record huge losses.

The cryptocurrency market has been down by less than 1% over the past 24 hours. The market has lost hundreds of billions of dollars since the start of the week and looks prime to end the week in a bearish trend.

The total market cap currently stands at $900 billion, down by more than 65% from the all-time high of $3 trillion.

Bitcoin is down by less than 1% over the past 24 hours and currently trades above $20k per coin. The leading cryptocurrency reached an all-time high of $69k seven months ago but is now struggling to defend its price above $20k.

Ether remains the second-largest cryptocurrency by market cap. ETH is down by nearly 2% in the last 24 hours and currently trades around $1,100 per coin.

There is no catalyst behind Ether’s ongoing poor performance except the bearish trend affecting the broader cryptocurrency market. 

If the trend continues, ETH could struggle to defend its price above the $1,000 psychological level in the coming days and weeks.

Key levels to watch

The ETH/USD 4-hour chart is bearish as Ethereum has been underperforming over the past few days. The technical indicators show that the bears are fully in control at the moment.

The MACD line is below the neutral zone, indicating bearish momentum. The 14-day RSI of 35 shows that Ether could soon enter the oversold region if the current market condition persists.

If the bears remain in control, Ether could decline below the first major resistance level at $1,088 before the end of the day. In the event of further losses, ETH could slip below the $1,000 psychological level for the first time this year.